PETALING JAYA: Construction and property group Gagasan Nadi Cergas Bhd
(GNCB) has signed a development rights agreement (DRA) to develop affordable housing in Kwasa Damansara worth over RM1bil in gross development value.
In partnership with Kwasa Development (15) Sdn Bhd (KD15), a subsidiary of Kwasa Land Sdn Bhd, GNCB, through its unit Nadi Emery (KKD2) Sdn Bhd (NESB), signed the DRA to undertake the housing projects within the Kwasa Damansara township.
“The DRA requires NESB to pay KD15 RM35.6mil in total for the development rights to design and construct 4,183 units of affordable housing on a 34.9-acre parcel of land.
“Kwasa Land will act as the master developer for this project,” said GNCB in a statement.
The deal marks the company’s second collaboration with Kwasa Land, following the groundbreaking of another project of 1,669 affordable housing units on Plot R4-1 in Kwasa Damansara last year.
Meanwhile, GNCB group managing director Datuk Wan Azman Wan Kamal said” “The market value range of the homes is affordable yet earnings-accretive, supporting the future growth of our rapidly expanding property development segment.”
GNCB said it will fund the entire development through a combination of internally generated funds and bank borrowings.
“Currently, the group is also developing approximately 6,000 Rumah Idaman affordable housing units in both Bukit Jelutong and Kwasa Damansara, as well as over 1,000 Idaman Amani affordable housing units in the City of Elmina.”
GNCB said it will deliver more than 11,000 affordable homes over the next eight years, adding that the development will further strengthen its position as a leading property developer in the growing affordable housing market.
The company said its construction segment has an orderbook of RM462mil.
“Notable recently completed projects include the Sakura Residence apartments in Putrajaya, the mosque at the Merdeka 118 tower in Kuala Lumpur, and the Cardiology Centre at Serdang Hospital.”
